Retiring
The time has finally arrived for retirement and with that come changes to lifestyle, priorities, income and of course insurance needs and costs.
Some Considerations:
If you used your vehicle to commute or for business before retirement then your premium will go down as you change the use of the vehicle to pleasure. You may also have reduced annual km’s which can keep premiums down!
There is a special Retiree discount that is applied to the Accident Benefits portion of your auto premium. If you qualify, signing the declaration will further reduce your rates
Snowbird? Sometimes with retirement the annual km’s you put on the car actually increase if you are driving down south for the winter months. Also, if have the vehicle in the US for more than 6 consecutive months there are implications for your insurance policy and coverage so we need to know! Also, if you are leaving your house unoccupied for lengthy periods of time in the winter months there are minimum requirements to have your property checked and/or your water pipes turned off or drained to minimize the likelihood of frozen pipes. Is someone checking on the house while you are away?
Do you still receive employee benefits? If you not or, if your benefits change it may be a good time to review the optional accident benefits coverage on your auto insurance policy to determine if you are comfortable with your level of protection or want to make changes.
Are you now mortgage free? Most insurance companies offering significant savings for clients who do not carry a mortgage on their property
Do you travel frequently? If you previously had travel coverage as part of your employee benefits then you likely need to purchase travel coverage in retirement. Having a travel emergency in another country can be financially devastating if you do not have adequate coverage. Some companies offer travel coverage as an optional enhancement to a home or condominium policy up to a certain age. Or, you may want/need to purchase travel coverage per trip but it is not a detail you should overlook when planning your retirement travels!
Have any questions? We can help.
Contact us—we can help you access and use your MyMills portal and app.
Tollfree: 800-953-0999 Phone: 416-489-5570 Email: contactus@millsinsurancebrokers.ca
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